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TEST BANK - Google Drive

The document discusses various accounting statements and concepts: 1) It asks which statement is affected by a transaction and lists the income statement, statement of financial position, retained earnings, and income statement as options. 2) It asks which statements are affected by an economic event and lists the income statement, statement of financial position, and statement of financial position and retained earnings as options. 3) It provides definitions and descriptions of key accounting terms like auditing, financial statements, and the Securities and Exchange Commission.

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SHAHAD M
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143 views

TEST BANK - Google Drive

The document discusses various accounting statements and concepts: 1) It asks which statement is affected by a transaction and lists the income statement, statement of financial position, retained earnings, and income statement as options. 2) It asks which statements are affected by an economic event and lists the income statement, statement of financial position, and statement of financial position and retained earnings as options. 3) It provides definitions and descriptions of key accounting terms like auditing, financial statements, and the Securities and Exchange Commission.

Uploaded by

SHAHAD M
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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a.

income statement transaction will affect the


b. statement of financial
.only
c. income statement
.positionand
onlyretained earnings
d. income statement, retained earnings TEST BANK
ch01.pdf
statement,
.statement only and statement of
.financial
Ans: b LO7 BT: K Difficulty: Easy TOT: 1.0 min. AACSB: Reflective position
A net loss will result during
Thinking AICPAaBB:time .222 Thinking AICPA F N: Reporting
Critical
a. assets exceed period when
b. assets exceed
.liabilities
c. expenses.equityexceed
d. revenues exceed
.revenues
Ans: c LO8 .expenses
BT: K Difficulty: Easy TOT: 1.0 min. AACSB: Reflective
CH 4.doc Ch 3.doc
a223. Auditing Thinking AICPA BB: Critical Thinking AICPA F N: Reporting
a. is
the examination of financial statements by a CA or CPA in order to
on their provide an opinion
b. .accuracy
a part of accounting that involves only recording of
c. an area of accounting that involves such activities
.economic as cost accounting,
events
accounting information budgeting, and
d. conducted by the.systems Securities and Exchange Commission to ensure that
financial statements are registered
.presented fairly
Ans: a LO9 BT: K Difficulty: Easy TOT: 1.0 min. AACSB: Reflective
AnswersThinking
to MultipleAICPA BB: Critical Thinking AICPA FN: Reporting
Choice
.Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans
Questions
c 76. b 101. d 126. d 151. a 176. c 201. b .51
b 77. a 102. c 127. c 152. b 177. c 202. c .52
c 78. d 103. b 128. b 153. c 178. b 203. d .53
a 79. a 104. a 129. a 154. b 179. d 204. d .54
a 80. d 105. c 130. d 155. d 180. a 205. c .55
c 81. b 106. a 131. c 156. d 181. b 206. a .56
c 82. a 107. b 132. c 157. d 182. b 207. d .57
ch01.docb 83. b 108. a 133. c 158. a 183. ch01-1.pdf
b 208. b .58
c 84. b 109. d 134. b 159. b 184. b .59 a209. a
b 85. b 110. a 135. a 160. d 185. a .60 a210. c
c 86. b 111. b 136. b 161. b 186. c .61 a211. c
a 87. d 112. b 137. b 162. c 187. b .62 a212. c
d 88. c 113. a 138. b 163. c 188. d 213. c .63
d 89. b 114. c 139. c 164. d 189. a 214. b .64
d 90. c 115. d 140. d 165. b 190. c 215. d .65
c 91. d 116. c 141. c 166. c 191. a 216. b .66
b 92. b 117. a 142. b 167. b 192. a 217. a .67
b 93. c 118. d 143. c 168. b 193. c 218. a .68
c 94. d 119. a 144. c 169. b 194. d 219. c .69
c 95. d 120. b 145. a 170. b 195. b 220. c .70
c 96. c 121. d 146. b 171. d 196. b 221. b .71
c 97. d 122. a 147. c 172. c 197. d 222. c .72
d 98. d 123. a 148. c 173. c 198. b .73 a223. a
b 99. d 124. c 149. d 174. d 199. c .74
- -

For Instructor Use


Ch2.pdf Only
ch01.pdf

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40 Test Bank for Financial Accounting: IFRS

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